MONTEREY – The Monterey Bay Economic Partnership and the Silicon Valley Housing Trust have announced a $ 680,000 acquisition loan to the Community Housing Improvement Systems and Planning Association Inc. to purchase property in King City for affordable housing.
The plan is for CHISPA to purchase the property, made up of five vacant plots, where it will construct an eight-unit, two-story apartment building on each, creating 40 affordable units for farm workers in the area.
“We are very excited to help make more investments in King City and South Monterey County that will help serve the working farm families who are the backbone of our region’s workforce.” , said Kate Roberts, president and CEO of Monterey Bay Economic Partnership in a press release. “CHISPA’s future permanently affordable rental housing at Mills Ranch is part of achieving the Salinas Valley Farmer Housing Action Plan goal of creating 3,500 new units over five years. “
Originally planned for 2007, the developer of the project who owned the property moved away during the Great Recession. The property, which is near parks, a medical clinic, public transportation, schools, a library and grocery stores, was acquired by foreclosure by a new owner who sold it to CHISPA.
“We are proud to be part of an exciting development in Monterey County again, four years after this partnership made its first loan to CHISPA,” Noni Ramos, CEO of Housing Trust Silicon Valley, said in the statement. . “There is a great need for affordable housing in Monterey County and we are grateful for the opportunity to work with CHISPA, MBEP and other partners to move projects forward quickly. “
The mission of the Monterey Bay Regional Nonprofit Economic Partnership is to improve the economic health and quality of life in the three counties of Monterey, San Benito and Santa Cruz counties, and the Housing Trust Silicon Valley, a loan fund Community based nonprofit works to improve the quality of life of low-income people by increasing affordable housing options.
The Community Housing Improvement Systems and Planning Association is a non-profit organization that develops affordable apartments and single-family homes and manages affordable housing for sale and rent.